So a few words about last weekend... we decided to check out some a few of the rash of open houses that have appeared within a few blocks of us. Many 1bd condos with asking prices heading down towards 400k. But we already know we're not buying yet. I'm sticking with my prediction that by this time next year we'll get that second room for the price of a 1bd today.
Here are our requirements: at least one 1bd, parking, either another bedroom/insuite laundry/office/den/second bedroom... some other room.
So there were three open houses just a block from Divisadero. Now it should be stated that I'm not interested in helping anyone sell their homes. In fact, part of the reason for checking out open houses is to give these realtors some hope that the market is still a magical fairyland. Whatever small thing I can do to confuse and frustrate these people is worth my time. So needless to say I won't be advertising any homes by mentioning specific addresses.
First place we went to had a total of 6 1bd units. And may I say they are tiny units. 3 were just remodeled and the other 3 are being worked on as fast as the minimum wage immigrants can work. This pic is the exterior. We checked out all 3 completed units and no one else came to see
it during that time. All the usual shit like stainless steel appliances, plasic-looking wood floors, staged IKEA furniture. The dude representing the building was actually pretty helpful explaining what an individual TIC is and telling us why you don't see many sq. ft numbers (some idiot sued because the number advertised didn't exactly match the number they measure after they moved in). I did my usual act of pretending to be really interested in buying a unit very soon. As we left he informed us he'll be there until 4:30 if we want to come back... right I'll remember that if I'm out and need a place to take a shit. By the way the units were something like 430k or thereabouts. Still a fucking ripoff... I'm telling you... an extra room next year.
Before the next open house on the street we took a detour to a 1.8m 6bd Victorian mansion on Fulton. Great place but the woman is telling us that heating bills could be $200/m! What the fuck man? I just paid $25 for PGE. Anyways I overheard her telling someone else that a nearby Victorian went for 2.3m so she's all riled up that this place will go for around the same. She definitely still conducts herself like an overconfident fairyland realtor. I'll keep an eye on it.
I'll just mention a couple other places. One was another incredibly unexceptional group of 1 bedrooms going for again down around 400k. Now I was starting to hit some desperate realtors. I mean I had this one run several flights of stairs just to get me various advertising flyers to take home. I swear that not even a year ago these realtors would not take their ass of the sofa.
She also touted the fact that the loan being offered for this place was a 7-year interest-only. What the fuck?!!? They're still offering this shit!!! hahahahaha they are going to be so fucked. I mean interest-only made some sense when prices were guaranteed to be going up I will give you that. But now it's fucking retarded. I guess they want to keep people's monthly payments down while the seller can still keep the price of the house up. Great! Another example that these people are clinging to the housing fairyland. This will just make the fall that much harder.
Last place was another walkin on McAllister: 2bd + sunroom and private deck. I gotta say this place was awesome. I would be happy to take this place. But they were asking 800k. I'll have to post the photo of the realtor later after I scan it because it's pretty funny. And she seemed pretty tense at the open house. She was trying to sound as casual as possible telling us that it's a great time to buy and that prices are softening. Of course she came off as a nervous-wreck. I can almost see the sweat on these people. This place will need to soften at least another couple hundred thousand to get me to into it. And you know what... we saw a 2bd earlier this year that was going for 950k and it sold. So she is right... prices are headed down but they have only just started.